10th May 2016 12:47
LONDON (Alliance News) - Bankers Petroleum Ltd on Tuesday said it has secured a series of regulatory approvals for its takeover by Chinese oil and gas group Geo-Jade Petroleum Corp.
Banks said it has now received the necessary approvals for the deal from the Albanian Competition Authority, the Chinese National Development and Reform Commission and the Ministry of Commerce of the People's Republic of China through the Shanghai Free Trade Zone Management Committee.
Bankers said it and Geo-Jade will now seek the final regulatory approvals needed in Canada and China ahead of Bankers holding a shareholder meeting to vote on the proposed takeover on May 31.
Shares in Bankers were untraded on Tuesday, having last traded at 103.25 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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